Generations Credit Union
Field of Membership Restrictions
Generations Credit Union is open to those who live or work in the state of Washington. Established members can open CDs over the phone, but those who are joining Generations CU need to visit a branch to open a CD.
See current membership details
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I joined and sucessfully opened two CDs with Generations this week. Unfortunately, they, like so many credit unions, require a hard credit pull, so unfreezing the credit bureau account slows things down a bit. This is not disclosed on their website.
Speaking of their website, some of the information there is "outdated." For example, the early withdrawal penalty for CDs with a term longer than 12 months is 180 days of dividends (still not bad when taking interest rate risk on a five year CD). So, if you have an issue important to you, call them for the answer, don't rely on information on the website.
Their online membership application process is fairly efficient. Of course, if you are in a rush to lock in the high CD rates (note they have tiered rates, with 2.12% apy at five years for amounts in excess of $50,000), like I was, it takes a couple of days to complete the process, including the previously mentioned branch visit.
Hint: not mentioned by customer service. Even though you have an appointment, you are expected to call them from the door to be admitted, so don't leave your cell phone at home.
Must Sign CD Paperwork In Person
After a few calls and as I was about to finalize an online CD at 2.12% for 60 mos I was told "oops"... You must come into one of our branches to physically sign the paperwork. No electronic signature nor signature by mail. Stoneage banking has returned. Oh well...went to Hughes FCU in AZ. Nice folks, helpful, easy.
Data as of Q4 2021
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 60079 |
| Year Chartered | 1934 |
| Employees | 56 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.5% |
| Return on Equity - YTD | 5.25% |
| Annual Interest Income | $6.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $215.1MM$174.6MM |
| Loans | Q4 2021vs Q4 2020 | $135.9MM$122.7MM |
| Deposits | Q4 2021vs Q4 2020 | $189.5MM$149.7MM |
| Equity Capital | Q4 2021vs Q4 2020 | $20.2MM$19.1MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $683.00K$758.00K |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $650.00K$528.00K |
| Real Estate Owned | Q4 2021vs Q4 2020 | $74.00K$74.00K |